States scoring at the top of the fiscal-solvency test were Nebraska, South Dakota, Tennessee, Florida and Oklahoma. Joining Illinois and Kentucky at the bottom of the measures were Massachusetts, New Jersey and Connecticut.

The researchers at the Mercatus Center, a university-based research center that focuses on market-oriented solutions to economic problems, built their conclusions by studying economic challenges all states face.

Researchers found “Illinois has between 0.55 and 1.13 times the cash needed to cover short-term obligations, well below the U.S. average. Revenues only cover 92% of expenses, with a worsening net position of -$450 per capita. In the long run, Illinois’ negative net asset ratio of 2.86 points to the use of debt and large unfunded obligations. Long-term liabilities are higher than the national average, at 330% of total assets, or $12,816 per capita. Total unfunded pension liabilities that are guaranteed to be paid are $445.79 billion, or 67% of state personal income. Other-post-employment benefits are $51.90 billion, or 8% of state personal income.”

That’s a polite way of saying that the state’s finances are, essentially, a dumpster fire.

Although many people prefer not to think about or even recognize it, Illinois’ sorry financial status is old news. Owing to a variety of problems – the 2008 recession, poor financial decisions by governors and legislators, a slow-growing economy – the state has been going straight downhill for about 20 years.